Financial advisors need to help clients navigate the Setting Every Community Up for Retirement Enhancement Act's change in required minimum distribution rules, which raised the age from 70 1/2 to 72, write Lloyd Lofton and Gene Bond. They note that the IRS' proposal to update life expectancy tables could complicate RMD calculations.

The estate plan of the late singer Whitney Houston, who named her daughter as her sole beneficiary, offers a valuable case study about age provisions in trusts. Houston's daughter was scheduled to receive the last of three age-based distributions after reaching age 30, but she died when she was 22.

Finding the right balance between collaboration and control can help owners of family businesses prepare to pass their ventures to the next generation, and clarifying values is another important step. "How families want to use their wealth for the greater good and how to adapt to new business and philanthropic opportunities are key questions we have heard in many recent family engagements," write Amy Castoro and Fred Krawchuk of The Williams Group.

Clients who are thinking of claiming Social Security early should consider how much their monthly benefits will be reduced. These benefit reductions may affect when people are able to retire, but it's also important to consider such factors as inflation, longevity and other income sources.

When estate attorney James Lange's daughter was diagnosed with a nervous system disorder, he set up a special needs trust that was funded with retirement plan assets. Lange also fought to have his daughter considered disabled by the Social Security Administration to ensure her eligibility for Social Security Disability Insurance and Medicare, as well as to allow her inherited IRA withdrawals to stretch out over her lifetime.

Hispanic Heritage Month, which overlaps with Life Insurance Awareness Month, is a good time for financial professionals to engage Hispanic Americans, whose ownership of life insurance is well below the national average, says LIMRA's Steve Wood. "Reaching prospective new clients requires more than having a few Spanish-language materials or bilingual agents," says Wood. "Building trust is very important."

Members of the next generation may face challenges as they strive to find their place in managing familial wealth, and poor communication and inaccurate assumptions can create obstacles, write family office attorney Jaclyn D'Esposito and Mindy Kalinowski Earley of Family Office Exchange. Clarifying future roles "involves having positive and engaging conversations with children from a young age," they note.

Tax experts Robert Bloink and William Byrnes debate the merits of a provision in the Enhancing American Retirement Now Act that would allow people to withdraw up to $2,500 from their retirement accounts penalty-free to pay for long-term-care insurance premiums. Bloink argues that the provision does not go far enough, calling for unlimited penalty-free withdrawals for LTC costs and the option to use the funds for hybrid policies in addition to traditional long-term-care insurance.

The National Association of Insurance Commissioners' Life Actuarial Task Force has adopted new mortality tables that reflect the nearly 1.1 million deaths from COVID-19 in the US since 2020. Life insurance companies use these tables to calculate policies' cash surrender values, as well as reserves for claims and benefits.

Experts look at changes in the long-term-care insurance industry that have helped it evolve, such as the introduction of single-premium LTCI and LTC riders, as well as the increased use of technology. However, Jesse Slome, executive director of the American Association for Long-Term Care Insurance, points to the need for further product redesigns due to the changing interest-rate environment and inflationary pressures.